The Surveillance Radars Market by Application, is projected to grow from USD 8.3 billion in 2019 to USD 11.9 billion by 2025, at a CAGR of 6.3% from 2019 to 2025. The growth of the global market can be attributed to the demand for surveillance radars for border surveillance, intelligence, surveillance, and reconnaissance, modern air defense systems, among others.
Based on application, the defense & space segment is projected to lead the surveillance radars market during the forecast period.
Based on application, the surveillance radars market is projected to be led by the defense & space segment from 2019 to 2025. This segment is expected to grow during the forecast period due to the rising demand for 3D surveillance radars for air defense, need for surveillance radars for border protection and surveillance, need for airborne, drone-based surveillance radars for intelligence, surveillance, and reconnaissance (ISR), among others.
The X-band segment is projected to lead the surveillance radars market from 2019 to 2025.
Based on the frequency band, the X-band segment is projected to grow at the highest CAGR during the forecast period. The market for X-band surveillance radars is expected to grow during the forecast period due to its preference for military applications. X-band is reserved for government and military use. Several marine radars operate on X-band as it provides better target resolution, especially for long-range applications.
The North American and Asia Pacific regions are projected to be high growth potential markets for surveillance radars during the forecast period.
The surveillance radars market in the North American region is expected to witness substantial growth during the forecast period due to the ongoing modernizations of aircraft, ships, border surveillance systems, among others. According to an article published in by The Intercept on 25th August 2019, the US Customs and Border Patrol (CBP) are planning to install 10 surveillance towers across the Arizona border under a USD 26 million contract with Elbit Systems (Israel). Under this contract, the towers will be fitted with high-definition cameras with night vision, thermal sensors, and ground-sweeping surveillance radars. The surveillance towers are estimated to be able to detect humans and vehicles within a radius of 7.5 miles. The Arizona border already has approximately 55 surveillance towers installed. In February 2019, the US Congress allocated USD 100 million for the development of fixed, and mobile surveillance systems.
Major players in the Surveillance Radars Market are Aselsan A/S (Turkey), FLIR Systems, Inc. (US), Lockheed Martin Corporation (US), Hensoldt (Germany), Raytheon Company (US), Saab AB (Sweden), Thales Group (France), Israel Aerospace Industries Ltd. (Israel), L3Harris (US), Elbit Systems Ltd. (Israel), and Leonardo S.p.A (Italy) among others.
Source: ASDReports - Market Research
Date: Sep 17, 2019